Metaphors can influence your thinking in powerful ways. But few appreciate how their seductive allure often obscures key elements that should be considered — by Paul Schoemaker.
Some view the economy as a complex machine, so fuel injection makes good sense to them, or lubrication to get the economic wheels going again. Others view the economy as a sick person addicted to debt, oil, special interests and government programs, in which going cold turkey makes more sense. But of course, they don’t want to kill the patient, so some time may be needed for detoxification. Yet others view the economy as an unruly forest or garden that grows and adapts to survival pressures; so pruning is in order at times. And some cynics might view political economy mostly a contact sport, in which case various metaphors spring to mind, from soccer to boxing. Note how the role of leaders, players, strategies, regulations etc can differ markedly across sports. Read More.